High Street Residential JV Completes Philadelphia Community – Multifamily Real Estate News
Main Street Residential and MetLife Investment Management have completed development of a community in the Philadelphia suburb of Conshohocken, Pennsylvania. Matson Mill is a 280-unit five-story luxury property.
Construction on the $60 million project began during the pandemic but is still being completed on schedule. Hord Coplan Macht directed architectural and design services and BMI Construction acted as general contractor. Bozzuto will now oversee property management and leasing.
Located at 101 Washington St., Matson Mill comprises 317,740 square feet. The community is home to studio, one and two bedroom apartments ranging from 487 to 1,818 square feet. According to Yardi Matrix data, pre-letting began in May. In July, 29% of units had been pre-marketed. To date, 138 apartments, or 49%, have been signed.
Most accommodations offer views of the Schuylkill River. Community amenities include a club room, game room, lounge and conference space, fitness center, outdoor kitchen, and swimming pool.
Economic growth in Pennsylvania
Matson Mills is close to bars, restaurants and hiking trails. Conshohocken is home to 8,039 residents, according to United States data. More than 6,000 people are employed in the city, a growth of 7.5% from 2019 to 2020.
Philadelphia’s job market also grew with 129,200 positions added in a year ending February. The metro multifamily market is also showing strong fundamentals. Philadelphia is easily accessible from Matson Mills via public transportation, such as the nearby SEPTA Regional Rail Station.